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As a result of yesterday, the yen strengthened by 8 points against the background of rising stock markets; S&P 500 0.58%, Russell 2000 1.23%, and Nikkei 225 is up 0.70% this morning. At the same time, the yen is still set to strengthen.
The small double divergence is strengthening on the daily chart, there is a possibility of breaking the support at 110.50, which is the magnetic point of the price channel line and the MACD indicator line. If it is overcome, the 109.80 target level (high on May 13) will become available.
On the four-hour chart, the price divergence with the oscillator can be considered formed. The support for the MACD line is at 110.58, which is close to the level on the daily scale.
So, the downward trend is turning into the main scenario. The alternative with the price rising to 111.39 has significantly weakened due to the fact that in order to reach the level, one must first surpass yesterday's high at 111.12, and this is already losing its practical meaning for investors. If you only go higher.
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